NFTs (Non-Fungible Tokens) Worth $100 Million Stolen In Past Year: Research Firm
NDTV
Thieves stole over $100 million worth of non-fungible tokens in the year to July, blockchain research firm Elliptic said.
Thieves stole over $100 million worth of non-fungible tokens in the year to July, blockchain research firm Elliptic said on Wednesday, as the fast-emerging digital asset became a new front in crypto's hacking problem.
NFTs are blockchain-based assets that represent digital files such as images, video or text.
The market surged in 2021 as crypto-rich speculators spent billions of dollars on the assets, hoping to profit as prices rose. But since cryptocurrency prices crashed in May and June this year, NFT prices and sales volumes have plunged.
Scams remain rife in the NFT market even as it declines, with July seeing the highest number of NFTs reported stolen on record, London-based Elliptic said in a report.
